New laws have been passed which are designed to protect super savings, particularly for employees who have low super balances and have insurance attached to their super.
We're providing your employees with information about these changes through various means, such as the brochure attached to their FY 2019 and 2020 Annual Statement, email, letter and SMS.
We'll continue to contact your employees via letter if they’ve been identified as impacted by PYS in regards to insurance in super or super balance transfers to the ATO. New employees will also be informed of the impact of PMIF in their MLC MasterKey Business Super welcome kits. These changes require your employees to make a decision. To help them understand their options, further information and support has been made available through our call centre and updated content on our website. To make it easy to submit their instructions around insurance in super, the relevant form can be submitted online or through the MLC app.
We've also provided advisers with PMIF and PYS information updates to help any of your employees who may be their clients.
This is intended to provide general information only and has been prepared by NULIS Nominees (Australia) Limited ABN 80 008 515 633 (AFSL 236465) without taking into account any person's objectives, financial situation or needs. Before acting on this information, a person should consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend obtaining financial advice specific to a person's situation before making any financial investment or insurance decision. NULIS is part of the IOOF Group of Companies, comprising IOOF Holdings Ltd ABN 49 100 103 722 and its related bodies corporate (IOOF Group). IOOF does not guarantee or otherwise accept any liability in respect of this product